Is earning some extra cash under the table a stupid idea? small business |
- Is earning some extra cash under the table a stupid idea?
- How often do you guys blur the line between business /personal expenses on your business credit card?
- Customers that contact you during unusual times...Yay or Nay?
- Death by Taxes
- Rebuilding my business brick by metaphorical brick.
- Which skills should I work on the hardest before opening a small business
- Biz partner is stealing money from customers - how to proceeed?
- Looking to do some pro-bono work for a small business. Research, projections, consulting, you name it. Creative, intelligent, and friendly. DM me.
- Do you want to grow your small business ? Here is the tips for improving your small business accounting
- Successful Onboarding of New COO
- End of year cashflow
- How do clothing websites get all of their inventory?
- I need help with my small business. Can anyone point me in the right direction?
- Mobile Game Company
- Apparel business
- Owner-Financed Business Question
- Can I randomly set up a little table in New York on a street and sell stuff without a permit?
- Unorthodox use of access to business capital?
- What is your bonus structure? Trying to determine if what we are providing is fair for employees and employers.
- Any help? Should I buy a car or lease a car for business? What makes most sense financially?
- Contract Management Software Help
- Suggestions or ideas of where I can go to find government contracts, or similar, for my field?
- Is a cellphone retail store still a good idea? I have some questions about helping my friend start a Boost Mobile store.
| Is earning some extra cash under the table a stupid idea? Posted: 26 Dec 2018 10:24 PM PST I'm working on starting a junk removal business with a friend. We have estimated that we need around 2000$ each for startup costs (biz and truck insurance, biz license, fuel for the first month etc). I'm actually about 800$ in debt right now, so it will be a while before I have the money to begin legitimately. I'm paying off my debt as much as I can from my job, but I make min wage part-time. We were thinking of just posting an ad on craigslist and doing smaller jobs to earn some capital. I have a truck that we can use to haul the junk. I'm just worried about what happens if we make a mistake and something breaks or we back up into their dog or something. Or if we get caught without a biz license. TL;DR --- Is there a lot of risk in posting an ad on craigslist to do junk removal? No biz license, insurance, or anything. Just 2 guys and a truck. [link] [comments]  |
| Posted: 26 Dec 2018 08:57 PM PST I'm obviously going to charge business stuff on my business credit card but how often do you use it for personal things that are ambiguous and could be either or? Like paper towels or something silly like that. Obviously booking a vacation on your business credit card you're asking for trouble but what about simpler things like that? IRS doesn't exactly ask for every receipt. What are your thoughts? [link] [comments]  |
| Customers that contact you during unusual times...Yay or Nay? Posted: 26 Dec 2018 07:04 AM PST Don't know about you guys but anytime I've ever got a customer contact me via email or phone during holiday times or any other unusual times, I normally refuse. Reason: From experience, 90% of customers that have contacted me, for example on a Sunday or the day after Christmas have ended up being massive "problem customers" to deal with. I don't what it is about them...maybe because they don't play by the normal business rules. Anyway, for me once bitten, twice shy. What is your experience? [link] [comments]  |
| Posted: 26 Dec 2018 08:19 AM PST Hi guys, I'm in year 4 of my business and am struggling to keep up with taxes. I'm a sole proprietorship (no employees and don't currently give myself a paycheck either). How do others save enough for their taxes? Do you create a separate account and throw in a certain percentage of all your sales? I need to do something very soon so taxes don't put me out of business. Thanks in advance for helping and not harshly judging. [link] [comments]  |
| Rebuilding my business brick by metaphorical brick. Posted: 26 Dec 2018 05:49 AM PST Sorry if this is in the wrong place. I have a small online tea company. And nothing has worked so this year I have decided to tear everything down from the logo to the philosophy by which I run my business. It's been stressful, discouraging, frustrating and at the same time fun and invigorating. I've had some good ideas, and (mostly) bad ones too. I have had to make some decisions that will have major consequences (hopefully positive ones in the long run). I decided to sell boutique teas on my site and have my brand take a backseat for a while. I'll still offer my products but they won't be front and center, more like impulse buys when someone buys the other much nicer brands on my site. Second, I decided to stop thinking in terms of sales, profit margins etc... That works for many people but it has not worked for me and has been a huge source of stress for me. This morning I was thinking about how I can make my first thousand sales in 2019. Then it dawned on me how dumb it was for me to think like this. I didn't make 50 sales in the last 3 months. What if instead of worrying about pushing product I decided to promote making people have a good day. Sales obviously isn't my strong point, but I have a lot of experience in the hospitality industry. That's an industry predicated on making sure people feel good. Thirdly, I have decided to put more skin in the game. A few months ago, I showed my website to a friend who has experience with psychology and sales. He said to me "Why would I buy from you? You need to think about putting your face on the site." So I did that as soon as I got home. No, I didn't get a sale from it. But it got me thinking about something that relates to my next idea. I need to promote myself more. I know I'm not going to become the Anthony Bourdain of tea anytime soon, but I can work towards it. The least of which I can do is stand behind my products. Fourthly I have decided to take a holistic approach to marketing my website. No I don't mean lighting incense candles and using essential oils. What I mean by a holistic approach is to use multifaceted methods to market my business. I started a magazine, I am going to be throwing tea parties and tastings, doing giveaways, charity stuff, etc.. You name I'll do it. It's time to get creative. In the past few months I have been wondering why I struggle to make sales, but other companies that have been open for a third of the time that mine has been running have been growing and out pacing me. The reality is that they have been doing some of the things that I mentioned above while I have been lackadaisical. What do you think about my ideas? Have you had to make serious changes to your business in order to see it succeed? What worked and what didn't? [link] [comments]  |
| Which skills should I work on the hardest before opening a small business Posted: 26 Dec 2018 02:15 PM PST Hi people, I am a mechanical engineering student that should finish his studies in about a year and a half. My goal in life is to run a small business, preferably in renewable energy/HVAC field. After finishing the studies I will definitely work a regular job to gain some work experience before I fully commit myself to my own project. My question is, how should I approach to educating and preparing myself in my spare time with courses I take and what to invest my time in general? Or to put in other words, which skills are the most useful in running your business (i.e. accounting, marketing, soft skills) Thanks! [link] [comments]  |
| Biz partner is stealing money from customers - how to proceeed? Posted: 26 Dec 2018 02:02 PM PST Biz partner handles payroll, some sales & sales management, and budgeting, I handle everything else. It turns out that he's been just running cards from previous customers unauthorized to pad the bank account and pay himself bonuses. I discovered all this Friday. We're currently working on an expired, outdated operating agreement. Talked to a few retired attorneys in the family over the holidays and they told me to handle it internally as much as possible, for example, find the customers he's ripped off, refund them case by case, etc. Going to the police would open up a much more difficult can of worms for me as the other owner, they say. Since the operating agreement is outdated and expired, they recommend changing the locks and all the passwords after hours and then telling him there's an easy way and a hard way to get him out, basically if he doesn't step down and rescind his partnership immediately then we will act as whistleblowers and go to the police (even though that would be a death knell for the business probably), they also said if I do this to file to terminate the old LLC and set up another one with a similar name with me as the sole officer. He's got everything to lose, they say, so this is the best step. Another retired attorney agreed with all of this and also recommended that if he balks, I should consider continuing to pay him in a limited capacity to "buy out" his partnership and keep him from trying to sue and/or fight his ouster, although it sickens me to consider still paying this guy for anything and it's really clear what he was doing. Is the advice I've received any good? In Oregon. What should I do? [link] [comments]  |
| Posted: 26 Dec 2018 09:50 PM PST |
| Posted: 27 Dec 2018 12:15 AM PST if you want improve your business accounting learn more on this links: https://www.zetran.com/blog/basics-for-small-business-accounting/ [link] [comments]  |
| Successful Onboarding of New COO Posted: 26 Dec 2018 12:47 PM PST Hi all, Apologies in advance if this isn't the right forum for this. The small (less than 15 employees) company I work for has just hired a new COO. Up until this point most of the team has reported directly to our CEO. We have never had a COO. I'm seeking great articles or advice on what to expect and how to make that transition a successful one. Most of what I've encountered online is about how to HIRE a COO, or to make a new COO successful from a CEO's perspective. I'm looking for tips for junior level executives or management. Any response helpful and appreciated! [link] [comments]  |
| Posted: 26 Dec 2018 07:39 PM PST Consulting firm business ending the year with about $120k in free cash flow. I am a single owner LLC taxed as an S corp in TN. I am thinking of spending $30k on a qualifying vehicle purchase that I can write off as a 179 deduction. In my position, would you keep the cash or spend it on a car that you don't really need and take the deduction and therefore pay less taxes? [link] [comments]  |
| How do clothing websites get all of their inventory? Posted: 26 Dec 2018 07:25 PM PST I know this sounds like a stupid question, but is it as simple as contacting a manufacturer, looking through a catalog, sending a logo, and then shipping out to customers? I'm doing some market research on a potential niche to see if I want to take the jump but I'm curious to know how clothing websites list everything they have. [link] [comments]  |
| I need help with my small business. Can anyone point me in the right direction? Posted: 26 Dec 2018 03:18 PM PST Well, I wouldn't even call it a "small business" yet. I've been painting (mostly interiors) of homes for the past 7 years. I work mostly for friends, family, and referrals. I do everything under the table. I no longer want to do everything under the table. I want to be legitimate so that I can feel comfortable growing my business. Here's the dilemma that I currently have... I get overwhelmed and frustrated very easily in terms of the business side of things. I believe I'm an above average painter for the prices I charge. I'm clean cut and think I deal with people well, but when it comes to the intracacies of setting up a real business, I don't know where to start and push everything off. Here's what I'd like to do... I'd like to hire someone who I can meet with once per week who can talk me through all the steps I need to take. In high school my parents would hire math tutors for me. I now want to hire a business tutor for myself. I'd like to develop a personal relationship with someone rather than meet different people at different times, if that makes any sense? So what should I do? Who should I contact? I'd be more than happy to pay someone a relatively high rate to help me here but I have no idea how to start. If you have any suggestions or any experience with this kind of thing, please share away. [link] [comments]  |
| Posted: 26 Dec 2018 05:30 PM PST A friend and I recently decided we would like to pursue making a very minimalistic mobile game company. We have been learning Swift but would most likely hire a developer to create the games. If anyone could help answer a few questions about the process that would be very helpful.
Any other advice would be very useful! [link] [comments]  |
| Posted: 26 Dec 2018 04:44 PM PST I'm an artist who wants his designs on clothing to sell. How do I ensure my designs aren't reused without my permission by the screen printer or others? [link] [comments]  |
| Owner-Financed Business Question Posted: 26 Dec 2018 04:07 PM PST My wife and I want to purchase a small vacation resort from a family friend. The property is worth a fortune (over-valued) as it is on a beautiful river in the TX Hill Country. Based on awesome advice from this sub, we are exploring how to purchase it through owner-financing. We are pursuing a 5 year term. At that time, we should have lenders lining up because we will have proved on paper we can turn a profit on this company. Then we'd pay off the owner. Here's the unique twist. The current owner/business manager really owns 49% and his children own 50%. His children are not in the picture at all...don't visit, don't get any checks, don't talk to him at all. They just want the cash from the sale when he passes one day. So the owner wants to set something up where his 49% of the sale/loan that should go to him, goes back into the property/business when he passes. The idea is, we would struggle to pay off that entire loan based on profits from the vacation lodging because the property is so overvalued in this market. But we could definitely pay off 51% of the loan to his kids. He values the camp living on more than his children getting an even larger pay out one day. Does anyone have a good approach to this? Should we form a trust or company with him in it, specifying it all goes to us when he passes? Just put it in his will? Surely there's a smart way to do this. Thank you for any and all advice! [link] [comments]  |
| Can I randomly set up a little table in New York on a street and sell stuff without a permit? Posted: 26 Dec 2018 09:03 PM PST I see there is a peddler's permit. Do I need one to sell stuff? I see a lot of africans with carts selling stuff. [link] [comments]  |
| Unorthodox use of access to business capital? Posted: 26 Dec 2018 08:58 AM PST This might not be allowed here but I'm curious to see what you think. Right now I run a rather successful small video production company, I have a few big agencies that I work with as well as some TV shows that regularly contract out some work to me, so cash flow isn't bad. My wife is a doctor, and getting to that point was certainly pricey, and we're finding that only a portion of the interest on those student loans is tax deductible, is there any reason why my production company can't take out a loan and use it to pay myself a generous bonus to pay off those loans? My business can support it, they will get paid off faster because a business loan would be 24 months vs the 7 years she has left, and all the interest would be tax deductible. Saving us a good amount of money, even though the rate would be about 1.5% higher. I own the company 100% which is why I can't see a reason not to do this, but wanted to run it by people smarter than I. [link] [comments]  |
| Posted: 26 Dec 2018 06:46 AM PST We own a small consulting firm of 12 people. We do not provide any benefits at this time. We do however provide semi-annual bonuses. One bonus is received mid-year in July and the other is received after EOY in January. This allows for 6-month review periods. Considering we don't provide benefits, we like to stay competitive with bonuses to the best of our ability. Myself and the other owner do not give ourselves bonuses, nor do we give a bonus to our highest paid employee (it was part of his contract as we paid him significantly more than everyone else for his elevated position). Therefore, we have 9 individuals eligible for bonuses. Of those 9, only 6 have been here the full 6-months within the review period (one of which is part time). Considering this, our average bonus across all 9 staff is $900. This is an 8% increase from mid-year bonus averages. We live in a midwestern town of ~100,000 people where cost of living is cheap. Not a large metropolitan area. I know bonuses are subjective and are contingent upon other factors such as the company's success/profit. But considering only the factors provided, are these reasonable? Are we giving too much? Too little? It is our thought that we are probably giving a bit too much. Both of our previous employers provided 1-2 bonuses/year of roughly $100-$500. But I thought this would be a good place to seek input. Thanks for your help ahead of time. [link] [comments]  |
| Any help? Should I buy a car or lease a car for business? What makes most sense financially? Posted: 26 Dec 2018 02:16 PM PST I've googled and researched and asked my accountant, but I'm still not clear what is best financially. I want to hear from someone who's actually done it. I'm a California resident with an LLC loan out company. I use my car for at least 50% for business purposes. I'm a writer so it's used for commuting to the office. Thanks for the help. [link] [comments]  |
| Contract Management Software Help Posted: 26 Dec 2018 10:16 AM PST Hey! I'm interested in implementing a software that helps keep tabs on current service contracts for my family's business. The main features I would be interested in are email notifications (multiple per year for quarterly services and contract renewal - a template for this would be phenomenal), cloud based (with backup options), and the option to add at least 1,000 contracts. Any direction for this would be greatly appreciated! [link] [comments]  |
| Suggestions or ideas of where I can go to find government contracts, or similar, for my field? Posted: 26 Dec 2018 02:02 PM PST I do notary and process server work. I have completed my profile with the gov't to get my DUNS number and made a profile with the SBA. What entities have notary or process server work? This can be for local, county, state, federal, banks, title companies, etc. Help? [link] [comments]  |
| Posted: 26 Dec 2018 01:15 PM PST The location's in a mixed neighborhood that's just one or two steps above being the ghetto. We'll be competing with another Boost Mobile store in a larger mall a couple of miles away and a MetroPCS store across the street. My questions are:
Thanks for your help. [link] [comments]  |
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